Naira Drops Against Dollar Amid Fresh Fuel Price Hike

The naira depreciated significantly against the dollar at the foreign exchange market as the Nigerian National Petroleum Company Limited, NNPCL, increased the pump price of Premium Motor Spirit (petrol) for the umpteenth time.

FMDQ data showed that the naira weakened to N1625.13 per dollar on Wednesday from N1561.76 exchanged on Tuesday. This represents an N63.37 depreciation.

Naira depreciation on Wednesday comes after the currency gained N73.39 against the dollar on Tuesday.

Similarly, the naira depreciated to N1895 per dollar on Wednesday from N1780 on the black market.

This comes as FX’s daily transaction turnover decreased to $170.60 million on Wednesday from $253.68 million recorded the previous day.

DAILY POST reports that NNPCL increased fuel price to N1030 per litre from N898, indicating two consecutive hikes in September 2024.